The Australian securities watchdog, ASIC, recently imposed a decade-long ban on former financial adviser Glenda Maree Rogan for her involvement in a cryptocurrency scam that funneled millions of dollars from clients into a fraudulent scheme disguised as a fixed-income investment. The ban, which took effect on June 6, prohibits Rogan from offering financial services or holding any management roles in the industry for the next ten years.
ASIC’s investigation revealed that Rogan, who operated under the Fincare group of companies in Sutherland Shire and Wollongong, engaged in deceptive conduct between March 2022 and June 2023. During this time, she diverted over A$14.8 million from clients, friends, and family members into what was ultimately a cryptocurrency scam. Rogan misled investors by presenting the investment opportunity as a high-yield fixed-interest account, when in reality, the funds were converted into cryptocurrency and transferred to wallets associated with a UK-based trading platform that was flagged on ASIC’s Investor Alert List.
The money was initially moved through bank accounts controlled by Rogan and her personal company before disappearing into offshore wallets. ASIC deemed Rogan unfit to work in financial services due to her actions and warned that she was likely to reoffend if allowed to remain in the industry. Rogan’s name has been added to ASIC’s banned and disqualified register, but she has the right to appeal the decision to the Administrative Appeals Tribunal. ASIC’s investigation into the matter is ongoing.
Rogan’s case is part of a broader crackdown on crypto-related misconduct in Australia as the country grapples with the dark side of the crypto boom. While digital assets have gained mainstream traction in Australia, with around 32.5% of adults owning or having owned cryptocurrency, the increased adoption has also led to heightened risks. Australians have lost significant amounts to crypto investment scams, including A$3 million linked to crypto ATM scams between January 2024 and January 2025.
ASIC hopes that bans like Rogan’s will serve as a deterrent and send a clear message that misleading investors and exploiting trust in emerging technologies will not be tolerated. The regulator remains committed to protecting investors and maintaining the integrity of the financial services industry in Australia.